Needham & Company LLC Reiterates “Buy” Rating for Carvana (NYSE:CVNA)

Carvana (NYSE:CVNA)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They currently have a $330.00 price target on the stock. Needham & Company LLC’s target price would suggest a potential upside of 74.75% from the company’s current price.

CVNA has been the subject of several other research reports. JMP Securities reiterated a “market outperform” rating and set a $320.00 price objective on shares of Carvana in a report on Monday, December 16th. Morgan Stanley raised Carvana from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $110.00 to $260.00 in a report on Tuesday, November 5th. Piper Sandler upped their price objective on shares of Carvana from $151.00 to $225.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Wedbush lifted their target price on shares of Carvana from $150.00 to $175.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Finally, Evercore ISI upped their price target on shares of Carvana from $240.00 to $245.00 and gave the company an “in-line” rating in a research note on Tuesday, December 3rd. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $237.12.

Carvana Stock Performance

Shares of CVNA stock opened at $188.84 on Tuesday. The firm has a market cap of $39.21 billion, a price-to-earnings ratio of 18,902.90 and a beta of 3.38. Carvana has a 52-week low of $40.21 and a 52-week high of $268.34. The company has a quick ratio of 2.12, a current ratio of 3.25 and a debt-to-equity ratio of 18.99. The company’s 50 day moving average is $236.34 and its 200 day moving average is $181.99.

Carvana (NYSE:CVNA) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.23 by $0.41. The firm had revenue of $3.66 billion for the quarter, compared to analysts’ expectations of $3.47 billion. The business’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.23 earnings per share. On average, sell-side analysts anticipate that Carvana will post 0.76 EPS for the current fiscal year.

Insider Activity at Carvana

In other news, insider Ryan S. Keeton sold 24,845 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $247.90, for a total value of $6,159,075.50. Following the completion of the sale, the insider now directly owns 151,029 shares in the company, valued at $37,440,089.10. The trade was a 14.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Ernest C. Garcia II sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $190.47, for a total value of $19,047,000.00. Following the transaction, the insider now directly owns 38,258,131 shares of the company’s stock, valued at approximately $7,287,026,211.57. The trade was a 0.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,151,908 shares of company stock worth $237,894,285. 17.12% of the stock is owned by company insiders.

Institutional Trading of Carvana

Several institutional investors have recently modified their holdings of CVNA. Sugarloaf Wealth Management LLC purchased a new position in Carvana in the 3rd quarter valued at about $32,000. Capital Performance Advisors LLP acquired a new position in shares of Carvana during the third quarter valued at approximately $40,000. Versant Capital Management Inc acquired a new position in shares of Carvana during the fourth quarter valued at approximately $42,000. First Horizon Advisors Inc. lifted its position in shares of Carvana by 363.0% in the third quarter. First Horizon Advisors Inc. now owns 250 shares of the company’s stock valued at $44,000 after acquiring an additional 196 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Carvana in the second quarter worth approximately $51,000. Institutional investors and hedge funds own 56.71% of the company’s stock.

About Carvana

Carvana Co, together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company's 360-degree vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick-up from their desktop or mobile devices.